Colorado lawmakers may soon vote on a bill to establish a Colorado secure choice savings plan, which would allow employees to contribute to publicly-administered retirement accounts through modest payroll deductions. Such a program would be a huge benefit to small businesses like mine that struggle to offer retirement benefits.
My business, Pagosa Baking Company, is one of many in Colorado that simply cannot afford to offer retirement options. However, I know that providing this benefit would help with employee retention, and might encourage a more stable workforce in our town.
A secure choice program would provide an easy and affordable option. New polling from Small Business Majority and AARP Colorado found three in five Colorado small businesses support a state retirement savings program. I’m worried they won’t be able to sufficiently save for retirement without a state-sponsored program. That’s why Colorado lawmakers should support the plan.